Snapshot of the latest employment trends for October 2023:
Job ad volumes on SEEK are now 19.9% lower year-on-year (y/y) but are still 16.6% higher compared to October 2019. The decline was a result of job ad numbers falling in Victoria and New South Wales.
After slowing the month prior, growth in applications per job ad picked up again in September 2023, rising 4.1%, and in almost every industry. Levels are now 81.1% higher y/y.
Of the October data, Kendra Banks, Managing Director, SEEK ANZ, says:
“Job ads fell 5.0% in October, indicating that perhaps employers have begun winding up their hiring activity early for the year. Despite the proximity to the busy summer season, Hospitality & Tourism recorded the greatest drop in ad volume, likely due to inflation and the rising cost of living putting continued pressure on businesses. There is still increasing interest among candidates to find a new role, as applications per job ad rose in almost every industry and in all of the largest states. With two months until the end of the year we would expect both hiring and application activity to slow over the coming months, before picking up again early next year. In the lead up to Christmas, it is an ideal time to snap up top talent with job ads on the decline and applications increasing.”
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Source: ABS, SEEK, LinkedIn and Indeed Hiring Hub